NEW YORK, Jan. 26, 2023 /PRNewswire/ — The biocomposites market has garnered $29.1 billion in revenue in 2022, and it is projected to rise by 17.2%, to capture $103.6 billion by 2030, according to industry research company P&S Intelligence.
The government strategies to substitute plastics with biocomposites and the rising public awareness regarding eco-friendly materials are the two major reasons behind the growth of the market.
Furthermore, the growing requirement of the automotive sector to advance passenger safety and lighten the weight of vehicles is contributing to the material demand.
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Demand for Green Composites Is Surging from Automotive Sector
On the basis of value, the automotive sector had a market share of approximately 20% in 2022. This significant demand can be credited to the rising need of the automotive sector for lightweight materials, to increase the fuel efficiency of vehicles and meet government guidelines.
Biocomposites offer many benefits, the biggest among which is a reduced dependence on non-renewable resources, including polymers created from petroleum. Moreover, they offer huge savings on electricity consumption and production expenses to manufacturers.
Such reasons have motivated Ford Motor Co. and other automotive manufacturers to spend more on research on such materials.
Biocomposites Gaining Traction among European Automotive OEMs
On the basis of value, Europe held a revenue share of above 30% in 2022. The dominance of the region can be credited to the snowballing need for such composites from the construction and automotive industries.
Wood fibers, wood flour, and bast fibers, including flax, hemp, kenaf, cork, bamboo, and fibers of sunflower seed shells, are utilized in the making of the composites, depending on what the ultimate application is.
Emerging Opportunities from Military Aviation Sector
In the coming years, the revenue generated by biocomposite sales to military aviation companies will rise by more than 10%. With the increasing defense spending around the world, the usage of these materials in airframe structures is increasing.
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North America Consumes Significant Amount of Biocomposites
North America had a significant revenue share, of approximately 20%, in 2022. This is attributed to the fact that the automotive industry in the continent is extensively accepting bio-fiber composites because of their low weight, no carbon dioxide emissions while burning, low power consumption while being manufactured, and easy recyclability. Hence, the automotive sector is increasing its utilization of high-performance bio-based materials to meet the growing demand for sustainability.
In 2022, APAC had the largest revenue share in the market, of approximately 40%, because of the fast industrialization and the snowballing demand for such materials from the consumer goods and automotive sectors.
Moreover, the increasing need for non-toxic, biodegradable, and moisture- and heat-resistant materials in construction is contributing to the growth of the market in the APAC region.
Biocomposites Market Report Coverage
By Type
Structural
Non-Structural
By Fiber Type
Wood–Plastic Composites (WPCs)
Natural Fiber Composites (NFCs)
By Application
Construction
Automotive
Consumer Goods
Aerospace
Packaging
Medical
Regional Analysis
North America
U.S.
Canada
Europe
Germany
U.K.
Russia
France
Asia-Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
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SOURCE P&S Intelligence